Nuvectis Extends Runway as Pipeline Shifts to Ciprocopan
The clinical-stage drug developer posted a second-quarter net loss of $7.0 million.
Nuvectis Pharma (NVCT), a clinical-stage biopharmaceutical company, extended its cash runway into the first half of 2029 after completing a public offering that raised $115 million in gross proceeds, including the underwriters’ overallotment.
The financing followed a broader strategic shift. Nuvectis completed its in-licensing of exclusive rights outside China to NXP100 and NXP200, expanding beyond its oncology-focused pipeline into complement-mediated diseases and making ciprocopan its lead candidate.
The company’s second-quarter net loss widened from $6.3 million a year earlier, while its loss held at $0.30 a share as weighted-average shares increased to 23.5 million from 21.4 million. Operating loss widened to $7.2 million from $6.6 million, and finance income declined to $0.2 million from $0.3 million.
Research-and-development expense rose $1.1 million to $4.7 million, driven by higher manufacturing and clinical-trial costs as well as increased employee compensation and benefits. General-and-administrative expense fell $0.5 million to $2.5 million as professional and consulting costs associated with being a public company declined.
Cash and equivalents had fallen to $22.2 million at June 30 from $31.6 million at the end of 2024, before the July offering replenished the balance sheet. The transaction progressed from an unpriced proposal in late June to a completed financing the following month.
Ciprocopan’s regulatory position in China also advanced. Regulators approved the treatment in July for previously untreated patients with paroxysmal nocturnal hemoglobinuria, while a second application covering patients previously treated with anti-C5 therapy remained under review.
Nuvectis is targeting the fourth quarter for a pre-IND meeting with the Food and Drug Administration followed by an NXP100 IND submission, along with an IND submission for NXP200. The company continued an NXP900-osimertinib combination trial, targeted a lorlatinib combination-study launch in the third quarter and planned an investigator-sponsored pancreatic-cancer study pairing NXP900 with daraxonrasib.